Morning Briefing: New levels of optimism for home selling according to Fannie Mae

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The FHA 203k loan program provides home buyers the opportunity to buy and fix up a property, without exhausting their personal savings.

New levels of optimism for home selling according to Fannie Mae
The latest National Housing Survey from Fannie Mae shows that the level of consumers who think that now is a good time to sell a home has reached a record high. With May’s jobs report showing growth in wages the housing survey also gained with consumers feeling slightly better off. Among those surveyed, the share who believe now is a good time to sell a home continued its steady climb, reaching an all-time survey high of 49 per cent, six percentage points higher than at the same time last year.

Additionally, those saying they would prefer to buy rather than rent a home on their next move increased another three percentage points to 66 percent. Fannie Mae’s chief economist Doug Duncan commented: The increase in these indicators suggests our forecast of moderate improvement in the housing market in 2015 is on course and mirrors the near-term performance of other leading market data, including mortgage applications and pending home sales.”

Millennials priced out of these 13 cities
Research from Bloomberg has revealed 13 cities where millennials cannot afford to live. Using data from the US Census Bureau, Zillow and Bankrate.com the study found that those in the 18-34 year old demographic could afford average home prices on average wages in 37 of 50 metros. However the report shows that some of the most popular choices for millennials are where affordability is the biggest issue. San Francisco, San Jose and Los Angeles would require more than twice the income of an average worker as would those in most parts of New York. San Diego, Boston, Washington DC, Miami-Fort Lauderdale, Seattle, Portland, Sacramento, Riverside and Denver would also be out of reach for an average millennial.

Houston Rockets owner scoops $20 million apartment
The owner of the Houston Rockets has bought a New York apartment for $20.6 million having recently listed a penthouse in the city for an eye-watering $50 million. The NY Daily News reports that billionaire Leslie Alexander has bought a 44th floor home at the Baccarat Hotel & Residences with access to all the hotel’s amenities. The penthouse he has listed is at Gramercy Park and will make the basketball boss a cool $8 million if it sells for the asking price.